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Independent Living

Affordable HousingDevelopmentIndependent LivingNewsTexas

The Montrose Center Opens $26.5M LGBTQ-Friendly Affordable Independent Living Community in Houston

by Jeff Shaw

HOUSTON — The Montrose Center has opened the doors on the Law Harrington Senior Living Center, an independent living community in Houston’s historic Third Ward. The community features 112 units available to residents 62 or older meeting mximum income requirements. The programming is specifically designed to appeal to LGBTQ seniors, making it the largest community of its kind in the United States and the first in Texas, according to Montrose Center. Development costs are estimated at $26.5 million. A ribbon-cutting ceremony will be held in June. Legacy Community Health will …

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AcquisitionsFinanceIndependent LivingMichiganNews

JLL Arranges Sale, Financing for The Park at Trowbridge in Southfield, Michigan

by Jeff Shaw

SOUTHFIELD, Mich. — JLL Capital Markets has closed the $17 million sale of and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan. JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank. The property currently operates as an independent living facility, but the …

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AcquisitionsIndependent LivingNewsOperationsTexas

True Connection Communities to Operate 156-Unit Skye Luxury Senior Living Near Austin, Texas

by Jeff Shaw

LEANDER, Texas — True Connection Communities (TCC) has expanded its operating platform with the addition of Skye Luxury Senior Living, a 156-apartment independent living community in Leander, a northwestern suburb of Austin. A value-add opportunity, TCC plans to upgrade the nearly four-year-old community by improving design elements in select apartments, modifying the dining room to accommodate more dining tables, and enhancing the pool deck to create a more inviting space for residents. The community will be rebranded as Verena at Leander. True Connection Communities operates a portfolio of 13 active …

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AcquisitionsAlabamaAssisted LivingIndependent LivingNews

Blueprint Arranges Sale of 55-Unit Community in Birmingham, Alabama

by Jeff Shaw

BIRMINGHAM, Ala. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 55-unit independent living and assisted living community in Birmingham The Alabama-based developer purchased the existing assisted living community in 2016 and completed a full renovation, as well as the addition of new units. Further, ownership built a new, three-story independent living community on-site to complement the existing assisted living community. Inspired Healthcare Capital bought the property for an undisclosed price. The new owner plans to retain the existing operator.

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FinanceIllinoisIndependent LivingM&T Realty Capital CorporationNews

Ziegler, M&T Arrange $15.1M Refinancing for Carriage Oaks Independent Living in St. Charles, Illinois

by Jeff Shaw

ST. CHARLES, Ill. — Ziegler, in partnership with M&T Realty Capital Corp., acted as financial advisor in a $15.1 million Fannie Mae refinancing on behalf of Essex Communities. The loan will be used to refinance existing debt on Carriage Oaks, an independent living community in St. Charles, approximately 35 miles west of Chicago. Essex originally developed the community in 1999 under a nonprofit entrance-fee model. They recently purchased the building in 2019 and converted it to a market-rate rental model. The community consists of 80 independent living units. Essex owns …

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DevelopmentIndependent LivingNew YorkNews

Capitol Seniors Housing Opens The Residences at Plainview Independent Living Community on Long Island

by Jeff Shaw

PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community. Formerly a Residence Inn by Marriott, Capitol Seniors Housing purchased the property and transformed the campus into seniors housing. Meyer Senior Living Studio was the designers, while EW Howell Construction Group was the general contractor.

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AcquisitionsGeorgiaIndependent LivingNews

Walker & Dunlop Arranges $164.5M Sale of Seniors Housing Portfolio in Atlanta

by Jeff Shaw

ATLANTA — Walker & Dunlop has facilitated the $164.5 million sale of The Mansions Portfolio, a portfolio of four Class A independent living properties in Atlanta. Focus Senior Housing Fund I LP, a discretionary investment vehicle that is managed by an affiliate of Focus Healthcare Partners LLC, bought the portfolio. Joshua Jandris, Mark Myers, Jordyn Berger and Brett Gardner of Walker & Dunlop represented the buyer in the transaction. Additionally, Russell Dey of Walker & Dunlop arranged three acquisitions loans through Freddie Mac. The seller(s) was not disclosed. The Mansions …

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DevelopmentIndependent LivingNewsOregon

Live Oak Provides $28.5M Construction Financing for Independent Living Expansion in Salem, Oregon

by Jeff Shaw

SALEM, Ore. — Live Oak Bank has provided a $28.5 million loan for the construction of a 142-unit independent living expansion in Salem, approximately 45 miles south of Portland. The borrower is Mosaic Management. The project will be Phase II of a larger campus, which already includes a 138-unit assisted living and memory care building that was completed in May 2019. The expansion will total 147,000 square feet on an 8.9-acre plot.

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DevelopmentGeorgiaIndependent LivingNews

Phoenix Senior Living Underway on 56-Unit Independent Living Community in Dallas, Georgia

by Jeff Shaw

DALLAS, Ga. — Phoenix Senior Living has started construction of The Phoenix at Dallas in Dallas, approximately 30 miles northwest of Atlanta. This project, scheduled for completion by March 2022, is adjacent to Phoenix’s existing memory care community, The Pearl at Dallas. Phase I of the project will add 56 independent living luxury cottages to the campus, with each totaling 1,220 square feet. Details on future phases were not disclosed.

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DevelopmentIndependent LivingNewsWashington

Revel Communities Opens 146-Unit Independent Living Property in Issaquah, Washington

by Jeff Shaw

ISSAQUAH, Wash. — Revel Communities, a division of The Wolff Co., has opened Revel Issaquah, a 146-unit independent living community in the Seattle suburb of Issaquah. As Revel’s third community in Washington State, the property is located less than 20 miles outside Seattle and just outside of downtown Issaquah across from Lake Sammamish, providing residents with easy access to art galleries, shopping and entertainment.

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